Crude oil futures decline after Iran, Israel agree to stop attacks

Crude oil futures traded lower on Tuesday morning after Iran and Israel agreed to stop attacks on each other.

At 9.13 am on Tuesday, August Brent oil futures were at $93.27, down by 1.06 per cent, and July crude oil futures on WTI (West Texas Intermediate) were at $90.06, down by 1.36 per cent. June crude oil futures were trading at ₹8625 on Multi Commodity Exchange (MCX) during the initial hour of trading on Tuesday against the previous close of ₹8707, down by 0.94 per cent, and July futures were trading at ₹8490 against the previous close of ₹8566, down by 0.89 per cent.

Iran and Israel stopped attacks on each other after US President Donald Trump asked them to halt fighting.

In a post on the social media platform Truth Social, Trump said: “Both sides, Israel and Iran, are looking to do an immediate CEASEFIRE! Final negotiations on “Peace” are proceeding, subject to ignorance or stupidity getting in its way. The Blockade will remain in place, and in full force and effect, until a “Final Deal” is reached. Things should move quickly.”

Earlier in another post, Trump said: “Israel and Iran must immediately stop ‘shooting’.”

The fighting between Iran and Israel had threatened to jeopardise the peace negotiations going on between the US and Iran.

Crude oil prices increased by around 5 per cent on Monday after the attacks but later fell when Iran said its first wave of strikes on Israel was over.

Published on June 9, 2026